Once you’re open, you will have to make sure that your dispensary is secured according to state regulations. It also must be insured for all of the cash and inventory you keep in stock. Depending on the size of your operation and the state you work in, track-and-trace software can also be a significant expense.
Unfortunately, all of these costs will reduce your overall dispensary profit, in-turn reducing a substantial amount of your yearly salary as a dispensary owner. Nonetheless, these are the costs of doing business in the highly regulated and competitive cannabis industry. Think of these necessary costs as part of what sets your business up to be successful in the first place. Investing early in quality can help increase how much you make in the future.
Finding dispensary real estate is hard. Depending on the state, county, and city regulations in which you reside, there might be significant impediments to opening a cannabis business. Even within states in which recreational cannabis is legal, there are still many areas where the sale of marijuana is completely banned. Therefore, there is limited real estate inventory for entrepreneurs to work with.
Additionally, dispensaries need space for vaults, showrooms, and security check-in. All of these factors drive up the overall cost of dispensary properties. Most estimates of average rent for cannabis retail shops start at $100,000 per year. But in certain areas you can expect to pay significantly more.
If you want to build a successful cannabis retail business, then choosing a powerful point of sale system is a must. KORONA POS offers the most competitively priced, state-of-the-art dispensary POS in the cannabis industry. The software also integrates with all of the leading marijuana business software, so that your system is automated and synched to all operations of your business.
Most of your employees will be budtenders, who make between $15 and $20 an hour. Add to that, some higher volume retailers will also employ extra store managers as well as dispensary compliance officers.
If you also grow and manufacture your cannabis inventory, your payroll costs will significantly increase – you’ll need to hire team members to grow, test, and produce the final product.